JSW Steel

By Neha Arora

NEW DELHI, July 21 (Reuters) - Indian steelmakers are pivoting to the domestic market to offset weaker exports as key markets Europe and Britain tighten imports, but competition from cheap Chinese steel at home is blunting that strategy, company executives and analysts said.

India, the world's largest crude steel producer after China, ships roughly two-thirds of its steel to Europe, and the executives expect exports to the European Union and Britain to fall by as much as 40% this fiscal year after both markets tightened import rules.

The European Union unveiled quotas on June 30 to limit duty-free steel imports after introducing carbon charges in January on imports of steel and other emissions-intensive goods under its Carbon Border Adjustment Mechanism.

Britain also tightened tariff-free steel imports from July 1, although New Delhi says 85% of India's exports to the country remain protected under their free trade agreement.

India shipped 6.6 million metric tons of finished steel in the fiscal year ended March 2026. Exports fell to 0.5 million tons in May, well below the average of the previous six months.

"With the UK, EU, US and several other markets tightening import quotas, and deploying tariffs and safeguard mechanisms, companies will have to place greater emphasis on markets where long-term demand visibility is more certain," Abhyuday Jindal, managing director of Jindal Stainless, told Reuters.

Chinese steel is priced $52-$63 per ton below domestic grades, making it harder for Indian mills to absorb output diverted from export markets, the executives and analysts said.

The government has launched an anti-dumping investigation into hot-rolled steel from China, Japan and Russia.

"The rise in low-priced and substandard imports, particularly from China or those of Chinese origin, is creating an uneven competitive environment for domestic manufacturers," Jindal said.

A senior government official said India was the only major market where steel consumption remained strong.

Mills could seek anti-dumping measures to curb cheap imports, especially from China, said the official, who declined to be named because of the sensitivity of the matter.

Rapid economic growth and government infrastructure spending have prompted leading steel producers to continue expanding capacity. India aims to raise crude steel capacity to 400 million tons by 2035-36 from the current output of about 168 million tons.

"Tata Steel and JSW Steel are focusing the majority of their investments in India, which they see as a growth market," said Hui Ting Sim, vice-president and senior analyst at Moody's Ratings in Singapore. But she added that profit margins of Indian steelmakers were unlikely to improve unless there was a substantial hike in import duties.

Most of the new steelmaking capacity being added in India is based on expectations of domestic demand rather than exports, said Ravi Sodah, executive vice-president at Elara Capital in Mumbai.

Finished steel consumption has risen 55% over the past five years, outpacing the 42% increase in production, according to commodities consultancy BigMint.

Indian mills are also expected to target markets in East Asia and the Middle East to offset part of the decline in European shipments. In the Middle East they face growing competition from Chinese producers as well as local manufacturers, said Shankhadeep Mukherjee, principal analyst at London-based CRU Group.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Raju Gopalakrishnan)

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** Shares of India's JSW Steel JSTL.NS rise 0.9% to 1,231.60 rupees ahead of first quarter results

** On an average, analysts expect Mumbai-based steelmaker's June-quarter profit to jump 42% to 31.11 bln rupees ($323 mln) Y/Y - data compiled by LSEG

** Analysts also expect co's Q1 total revenue to grow 3.85% Y/Y to 448.07 bln rupees - LSEG compiled data

** UBS expects JSW Steel's adjusted EBITDA to rise about 11% year-on-year, helped by improved steel realizations despite lower production

** JM Financial expects higher steel realizations to offset seasonally weaker volumes, with JSW Steel's EBITDA per tonne improving about 20% sequentially

** JSTL rated "buy" on average by 33 analysts, median PT at 1,400 rupees - LSEG compiled data

** YTD, stock up ~6%

($1 = 96.3025 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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JSW Steel formally began development work on its integrated steel project in the Rayalaseema region of Andhra Pradesh, with total planned investment of up to ₹16,350 crore. The project, to be executed by subsidiary JSW Rayalaseema Steel, will build capacity in two phases, starting with a ₹4,500 crore 1 MTPA plant using electric arc furnace technology. The second phase, with additional investment of ₹11,850 crore, will lift capacity to 2 MTPA, making it one of the largest industrial investments in the region. The ceremony on July 3, 2026 was attended by Andhra Pradesh Chief Minister N. Chandrababu Naidu and JSW Group Chairman Sajjan Jindal. JSW Steel said the plant will produce low-carbon structural steel using scrap and direct reduced iron, aligning with the company's decarbonisation roadmap. Once fully operational, the facility is expected to strengthen Andhra Pradesh's manufacturing base and JSW's overall steelmaking capacity, which currently stands at 37.9 MTPA including its JV.

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** JSW Steel JSTL.NS shares rise 1.4% to 1,315.90 rupees

** Stock on track for fifth straight session of gains

** UBS initiates coverage of iron and steel co with "neutral", TP of 1,400 rupees apiece

** Notes strong growth, capacity expansion, rising volumes, and supportive industry conditions, but growth largely priced-in

** Expects domestic steel demand to slow down slightly, but still healthy, as government capex normalises

** 19 out of 33 brokerages rate JSTL "buy" or higher, median PT of 1,390.5 rupees — LSEG-compiled data

** YTD, stock up 12.60%

(Reporting by Saikeerthi in Bengaluru)

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June 9 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - REPORTS CONSOLIDATED CRUDE STEEL PRODUCTION OF 2.3 MILLION TONNES FOR MAY 2026, UP 15% YOY

Source text: ID:nBSE42WC9s

Further company coverage: JSTL.NS

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May 25 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - CO, BHARATIA AND CARBON ICELAND SIGN STRATEGIC MOU FOR GREEN METHANOL PROJECT IN INDIA

• JSW STEEL - PROPOSED 300 KTPA PROJECT TO CONVERT JSW STEEL CO₂ EMISSIONS INTO EMETHANOL

Source text: ID:nBSE3tpQmY

Further company coverage: JSTL.NS

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Adds data and background in paragraphs 11-13

By Neha Arora

NEW DELHI, May 22 (Reuters) - India's Ministry of Steel has asked the finance ministry to withdraw anti-dumping tariffs on low-ash metallurgical coke imports, citing inadequate domestic supplies and higher prices, according to a government document reviewed by Reuters.

India, the world's second-largest crude steel producer, imposed a provisional anti-dumping duty on imports of low-ash metallurgical coke - known as met coke - in December for six months.

India primarily imports met coke from China, Indonesia, Poland, Japan and Switzerland. Import volumes are down sharply since the curbs were imposed, industry experts say.

"Concerns have emerged regarding the limited availability of met coke in the domestic market and a substantial increase in domestic prices following the imposition of ADD, which has imposed a significant financial burden on steel manufacturers," the steel ministry said in an office memorandum dated May 18, referring to anti-dumping duties with an acronym.

The ministries did not respond to emails from Reuters seeking comment.

The steel ministry highlighted the difficulties faced by state-run Rashtriya Ispat Nigam Ltd (RINL) RAST.NS, saying the company had been unable to procure adequate quantities of met coke at reasonable prices from the domestic market, resulting in a 20% rise in input costs.

CONCERNS FOR SMALL AND MEDIUM-SIZED STEELMAKERS

RINL, which is undergoing a government-backed financial revival, has seen its operational viability and competitiveness adversely affected by inadequate supplies of met coke, the steel ministry memorandum said.

RINL did not respond to a Reuters email seeking comment.

The ministry also flagged concerns for small and medium-sized steelmakers, which rely heavily on merchant suppliers for met coke.

"The domestic market has not been able to ensure adequate availability of met coke at competitive rates to meet the requirements of the steel industry," it said.

Steel mills have struggled to procure met coke ever since the government introduced import curbs from January last year. Major steelmakers, including JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India, have also raised concern about the impact of the curbs on steel production in the country.

In 2025, met coke imports fell 21% to 3.81 million metric tons compared to a year ago, according to data from commodities consultancy BigMint.

India's steel mills secured only about half of their metallurgical coke needs from domestic suppliers in the first half of 2025, Reuters reported in October.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj, Tom Hogue and Emelia Sithole-Matarise)

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May 18 (Reuters) - JSW Steel Ltd JSTL.NS:

• GQG PARTNERS EMERGING MARKETS EQUITY FUND BUYS 15 MILLION JSW STEEL SHARES VIA BLOCK DEAL ON NSE- EXCHANGE DATA

• SBI MUTUAL FUND BUYS 10 MILLION JSW STEEL SHARES VIA BLOCK DEAL ON NSE - EXCHANGE DATA

• JSW ENERGY SELLS 25 MILLION JSW STEEL SHARES VIA BLOCK DEAL ON NSE - EXCHANGE DATA

Source text: [ID:]

Further company coverage: JSTL.NS

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** JSW Steel JSTL.NS shares rise 1.3% to 1,314 rupees, hitting an all-time high after paring gains to be down 0.1%

** Co posts twofold rise in quarterly profit

** Revenue from operations climbs 14.2% to 511.8 billion rupees

** JSTL expects domestic steel demand to grow at 7-9% in FY27

** BOB Capital Markets raises TP on stock to 1,348 rupees from 1,307 rupees; says outlook remains positive, supported by

improving demand and pricing environment

** Emkay Global raises TP on stock to 1,400 rupees from 1,300 rupees; says expect JSTL earnings to strengthen over FY27-28E, supported by a favorable pricing environment aided by safeguard duty and 9% volume growth in FY27

** Eighteen of 31 brokerages rate the stock "buy" or higher; their median PT is 1,300 rupees

** YTD, stock up 11.3% vs 9.3% decline in Nifty 50 Index .NSEI

(Reporting by Abhinav Parmar in Bengaluru)

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Adds comments from post-earnings call in paragraph 3, 5

By Anuran Sadhu

May 14 (Reuters) - India's JSW Steel JSTL.NS reported a more than twofold jump in adjusted quarterly profit on Thursday, helped by a rebound in steel prices and healthy demand.

New Delhi's tariff on some steel product imports from China pushed up steel prices after two quarters of sequential declines, while the lowering of U.S. tariffs boosted export demand, also supporting prices.

However, going ahead, the firm expects domestic steel prices to be "range bound" after recent hikes in April and May, Jayant Acharya, chief executive of JSW Steel, said.

JSW Steel's sales volume rose 6% during the quarter, helped by a 10.4% rise in India's steel consumption, the company said.

India's steel demand is expected to grow by 7%-9% in the ongoing fiscal year 2027, Acharya said, after a 7.9% growth in steel consumption in fiscal 2026.

The Mumbai-based steelmaker's revenue from operations climbed 14.2% to 511.8 billion rupees ($5.34 billion) for the quarter ended March 31, beating analysts' expectations of 496.86 billion rupees, according to data compiled by LSEG.

The company's consolidated profit before exceptional items and tax jumped 153% to 44.89 billion rupees, while its net profit stood at 163.7 billion rupees, boosted by a one-time gain from the slump sale of the steel business of Bhushan Power and Steel.

JSW Steel's operating EBITDA margins improved to 16.87% from 14.23%, driven by higher sales realisation and partly offset by higher coking coal prices, the company said.

The firm expects its capex spend for fiscal 2027 to be between 220 billion rupees and 240 billion rupees, after spending 155.85 billion rupees in fiscal 2026.

($1 = 95.7625 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Eileen Soreng, Harikrishnan Nair and Vijay Kishore)

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May 8 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - BOARD TO CONSIDER RAISING LONG-TERM FUNDS VIA QIP AND REDEEMABLE NON-CONVERTIBLE DEBENTURES

Source text: ID:nBSE62jwzd

Further company coverage: JSTL.NS

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April 24 (Reuters) - An Indian court has put an antitrust investigation into state-run Steel Authority of India SAIL.NS on hold after the company challenged the Indian watchdog for procedural lapses, according to court records and the company's legal filings.

In the most high-profile antitrust case involving India's steel sector, an investigation by the Competition Commission of India found 28 firms colluded on steel prices, Reuters exclusively reported in January. These included Tata Steel TISC.NS, JSW Steel JSTL.NS and state-run SAIL and RINL.

Online Madras High Court records show the judge in an April 21 hearing put the investigation into SAIL on hold. The ruling and SAIL's arguments in court are being reported for the first time by Reuters.

SAIL did not respond to a request for comment.

(Editing by Elaine Hardcastle)

April 20 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - CO, POSCO FORM JOINT VENTURE TO SET UP 6 MTPA INTEGRATED STEEL PLANT IN INDIA

Source text: ID:nBSE67sDdj

Further company coverage: JSTL.NS

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April 17 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - SAFFRON RESOURCES TO BECOME 50:50 JOINT VENTURE BETWEEN JSW STEEL AND POSCO GROUP

• JSW STEEL - JOINT VENTURE TO SET UP 6 MTPA STEEL PLANT IN ODISHA

• JSW STEEL - POSCO GROUP TO SUBSCRIBE TO SAFFRON SHARES FOR 5.09 BILLION RUPEES

Source text: ID:nBSE16yvLM

Further company coverage: JSTL.NS

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April 9 (Reuters) - JSW Steel Ltd JSTL.NS:

• COMBINED CRUDE STEEL PRODUCTION OF 30.14 MILLION TONNES FOR FY26, 8% GROWTH YOY

• Q4 FY26 CONSOLIDATED PRODUCTION DOWN 3% Y/Y

Source text: ID:nnAZN4SPYEZ

Further company coverage: JSTL.NS

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March 30 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - JFE INVESTS 78.75 BILLION RUPEES FOR 25% STAKE IN JSW KALINGA

Source text: ID:nBSE6xtB5r

Further company coverage: JSTL.NS

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Corrects iron ore exports data in paragraph 7 to show lower vs last year, not higher

By Neha Arora

NEW DELHI, March 24 (Reuters) - India's imports of iron ore, a key raw material in steelmaking, are set to rise to a seven-year high in the fiscal year ending on March 31, driven by a shortage of high-grade ore and demand from JSW Steel JSTL.NS, analysts and industry executives said.

Overall imports are likely to reach 12 million to 14 million metric tons in 2025-26, more than doubling from a year earlier, analysts and trade officials said.

JSW Steel, India's biggest steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra and the southern state of Karnataka, said Lalit Ladkat, a senior analyst at London-based consultancy CRU.

A cargo of BHP's BHP.AX Jimblebar Fines iron ore is heading to India in a rare sale, driven by discounts on the product that was banned for sale in China, Reuters reported last week.

The bulk of India's iron ore imports in the fiscal year originated from Brazil and Oman, which together accounted for about 70% of total shipments, Ladkat said.

Iron ore output in India, the world's second-largest crude steel producer, is expected to reach 305 million tons in the 2025–26 fiscal year, up from 289 million metric tons a year earlier, according to commodities consultancy BigMint.

But exports of iron ore are expected to reach 29 million metric tons in 2025-26, down by 2.5 million metric tons from a year earlier, with 85% of shipments going to China, Ladkat said.

India mainly exports low-grade iron ore that is generally not used by steel mills in the country, mining officials said.

In the fiscal year that begins on April 1, India's iron ore output is expected to rise as mines ramp up production, although imports may continue depending on grade requirements and plant-level supply dynamics, said Sumit Jhunjhunwala, vice president at ICRA Ratings.

IRON ORE PELLET IMPORTS SET TO DROP

India, which has been importing cheaper iron ore pellets - processed or value-added products - from Iran since last year, is likely to see volumes decline due to the conflict in the Middle East, analysts said.

"Indian pellet imports from Iran could decline amid heightened geopolitical tensions and associated trade uncertainties, while ample domestic pellet availability is likely to constrain import demand," BigMint said.

From April to February, India imported 1.88 million metric tons of iron ore pellets, up six times from a year earlier.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Thomas Derpinghaus)

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By Neha Arora

NEW DELHI, March 19 (Reuters) - India's JSW Steel Coated Products, a unit of JSW Steel JSTL.NS, has sought government intervention to secure supplies of liquefied natural gas and propane to prevent output disruptions amid shortages caused by the Iran war, according to a letter reviewed by Reuters.

"Any disruption in our production will have an adverse impact on our downstream customers and may lead to supply deficit in these sectors," the company said in its letter to the federal steel secretary on March 10.

JSW Steel Coated Products is India's largest manufacturer of coated steel products, or value-added steel goods, according to the company, and caters to sectors including food packaging, engineering and infrastructure.

JSW declined to comment.

Mounting gas shortages have already disrupted operations at some steel plants of India's top metals conglomerate JSW Group, with one unit facing a potential shutdown in the coming days, Reuters reported earlier this week.

India's small steel producers have warned of production halts due to gas shortages, Reuters reported earlier.

India has invoked emergency measures, prioritising natural gas for essential sectors after LNG shipments through the Strait of Hormuz were disrupted by the ongoing conflict in the Middle East, constraining domestic supply.

(Reporting by Neha Arora; editing by Mayank Bhardwaj, editing by Andrei Khalip)

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March 18 (Reuters) - A cargo of BHP's BHP.AX Jimblebar Fines iron ore is heading to India in a rare sale driven by discounts on the product that was banned for sale in China, the world's largest buyer, as part of a contract dispute with the miner.

• The vessel True Champion is carrying some 172,000 metric tons of Jimblebar Fines to Jaigarh in India, according to Kpler data. The buyer is JSW Steel, according to a source briefed on the sale
  

• True Champion was destined for China on March 9, Kpler data showed, before changing its destination to Singapore and then India over the course of the last week
  

• China's state iron ore buyer CMRG barred steelmakers and traders from purchasing Jimblebar fines in September, and has progressively expanded its restrictions to other products as it negotiates the terms of BHP's 2026 supply contract
  

• CMRG relaxed the ban for a week last Friday, allowing steelmakers to buy Jimblebar cargoes already at Chinese ports. Seaborne cargoes are still banned

(Reporting by Reuters staff, Editing by Louise Heavens)

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By Dharamraj Dhutia

MUMBAI, March 16 (Reuters) - India's JSW Kalinga Steel (JKSL) is set to tap the corporate debt market with its debut shorter-duration bond issue, before the end of this month, as it embarks to raise as much as 95 billion rupees ($1.03 billion), two merchant bankers said on Monday.

The company is likely to sell two tranches of five-year tenor each, aiming to raise 60 billion rupees and 35 billion rupees, respectively, through these bond sales, the bankers added.

The notes would be zero-coupon papers and would have put and call options.

The bonds of the company are rated AA by Crisil, and the ratings also take into account the expected credit support from JKSL's two equal joint-venture partners, JSW Steel and Japan-based JFE Steel Corporation, Crisil said.

"Most of the top mutual funds have tied up as anchor investors, and the bidding should take place by the end of this week or early next week," one of the bankers quoted above said.

The bankers requested anonymity, as they are not authorised to speak to the media, while JKSL did not immediately reply to a Reuters email seeking comment.

JSW Kalinga Steel is a 100% subsidiary of Piombino Steel Ltd, which, in turn, holds a 100% shareholding in JSW Sambalpur Steel Ltd.

These entities are formed to own and operate the steel business undertaking of Bhushan Power & Steel Ltd.

($1 = 92.5100 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

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.

March 14 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has secured a coking coal mining project in Mozambique, the company said in a statement late Friday, to ensure long-term supply of the key input for steel production.

The Mozambique project has 850 million metric tons of coking coal reserves and the mine will be developed in phases, as per the company statement.

"The first phase expected to be developed over the next two and a half years to produce 2.4 million tons per annum prime hard coking coal," the company said.

(Reporting by Shivangi Acharya; Editing by Stephen Coates)

((shivangi.acharya[email protected]))

March 13 (Reuters) - JSW Steel Ltd JSTL.NS:

• ANNOUNCES MINAS DE REVUBOÈ COKING COAL MINING PROJECT IN MOZAMBIQUE

• MDR HAS 850 MT OF RESERVES, POTENTIAL TO YIELD 250 MT OF USABLE COKING COAL

• FIRST PHASE OF MDR MINE TO BE DEVELOPED OVER NEXT 2.5 YEARS TO PRODUCE 2.4 MTPA PRIME HARD COKING COAL

Source text: ID:nBSE55f7nt

Further company coverage: JSTL.NS

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March 10 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - REPORTS CONSOLIDATED CRUDE STEEL PRODUCTION OF 2.4 MILLION TONNES FOR FEBRUARY 2026

• JSW STEEL - USA OHIO OPERATIONS PRODUCTION LOWER DUE TO RAMP-UP AND WINTER STORM

• JSW STEEL - INDIAN OPERATIONS CRUDE STEEL PRODUCTION DOWN 1% YOY IN FEBRUARY 2026 DUE TO BF3 SHUTDOWN

Source text: ID:nBSE6Z05yM

Further company coverage: JSTL.NS

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Adds share reaction in paragraph 12

By Aditya Kalra

NEW DELHI, March 9 (Reuters) - When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per metric ton.

Oil and Natural Gas Corporation ONGC.NS queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained.

Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.

The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.

The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat DALB.NS, and rival Shree Digvijay SRDC.NS. India Cements ICMN.NS was part of the cartel for 2017-18.

The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.

The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report.

Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence that underpin CCI's investigation findings.

Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech ULTC.NS in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.

The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing.

In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million.

After the Reuters story, shares of Shree Digvijay extended losses to fall as much as 5.4%, while India Cements was down 4.4% and Dalmia Bharat down 3.5%.

'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7'

While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors.

"Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.

In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.

Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.

For example, the 2018 tender for 170,000 tons of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per ton with taxes, for different states.

That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.

India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number".

"The financial bid was also supported by the numerology factor of 7", the company letter stated.

SUBMITTING BIDS TOGETHER

The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries.

The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies".

Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.

Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.

Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed.

TARGETING FOREIGN FIRMS

Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report.

They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones.

Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB SLB.N, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.

The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws.

In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub."

The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI said.

(Reporting by Aditya Kalra; Editing by Sam Holmes)

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Feb 10 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - BLAST FURNACE 3 AT VIJAYANAGAR TO BE COMMISSIONED BY END OF Q4 FY26

• JSW STEEL - USA OHIO OPERATIONS PRODUCTION LOWER IN JAN DUE TO SCHEDULED OUTAGE

Source text: ID:nBSE79vX5Z

Further company coverage: JSTL.NS

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Feb 6 (Reuters) - Tata Steel TISC.NS, India's second-largest maker of steel by market capitalisation, reported a bigger-than-expected third-quarter profit on Friday as higher sales volumes helped cushion the impact from weak steel prices.

Consolidated net profit jumped to 26.89 billion rupees ($296.66 million) in the quarter ended December 31, from 3.27 billion rupees a year earlier.

Analysts' on average had expected profit of 24.26 billion rupees, according to data compiled by LSEG.

Jefferies analysts had expected Indian steel companies to report stronger volume growth in the October–December period, driven by capacity expansions, while Systematix Institutional Equities said that higher volumes would help offset pricing pressures for Tata Steel.

Its domestic production volumes for the quarter increased by 11.4%, while delivery volumes grew 14% year-on-year, driven by capacity utilisation at its plants at Kalinganagar and Jamshedpur.

This lifted the Tata Group company's total revenue from operations by around 6% to 570.02 billion rupees.

Steel prices, however, stayed under pressure for most of the third quarter as supply outpaced demand, dragging down flat product prices, analysts at Elara Capital said.

Prices have rebounded since December, helped by the government's safeguard anti-dumping duty, which is expected to support the sector in the near term.

Last month, India imposed a three-year import tariff on select steel products to curb Chinese imports, replacing a 12% duty introduced in April for 200 days.

The longer duration is seen as offering greater certainty and protection for domestic producers, according to Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

Core profit, or earnings before interest, taxes, depreciation, and amortization (EBITDA) for Tata Steel's India operations grew nearly 5% to 82.91 billion rupees.

Rival steelmaker JSW Steel JSTL.NS in January beat third-quarter profit estimates on higher sales volumes.

($1 = 90.6430 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Sonia Cheema)

(([email protected]; +91 8697274436;))

** JSW Steel JSTL.NS shares up nearly 3% at 1,207 rupees

** Nifty Metal index .NIFTYMET up 2%

** Steel manufacturer's Q3 profit tops analysts' average estimate

** Systematix ("Hold"; PT: 1,162 rupees) says incremental levers such as BPSL-JFE JV, Mozambique coking coal acquisition and ongoing deleveraging are structurally positive for cash flows and return ratios in the medium term

** Jefferies ("Buy"; PT:1,169.35 rupees) expects strong sequential improvement ahead with rising prices and potential for Asian steelmaking margins to recover from a 15-year low

** Stock rated "Buy" on average by 30 analysts; median PT at 1,275 rupees - data compiled by LSEG

** In 2025, JSTL and sub-index rose nearly 29%

($1 = 91.7500 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))